Carmichael Mine Project
Financing for the Carmichael mine project is a commercial matter and the final decision on whether to proceed with the project rests with Adani.
The Government is not providing special treatment for Adani to access export credit finance. Adani, like any Australian export project proponent, is able to apply for loans from Efic under its Commercial Account. Loans on Efic’s Commercial Account are a matter for Efic’s majority independent Board of Directors. The Minister cannot, by law, direct Efic who to lend to on its Commercial Account.
Loans on Efic’s Commercial Account are only made where there is a market gap in the availability of finance for otherwise commercially viable projects. Projects must meet high environmental, social and governance standards.
The Carmichael mine project has gone through a rigorous process of Federal and State government approvals. Consideration of the company’s environmental history was the most comprehensive undertaken for any Australian project to date. The Government imposed 36 strict conditions on the Carmichael mine’s approval and these conditions have been validated and upheld in Australia’s independent courts.
The Government’s position on Adani is clear, unlike that of Labor. Bill Shorten is trying to walk both sides of the street – telling coal miners in regional Queensland he supports the mine; while telling voters in inner city Melbourne he’s against it. It’s another example that shows Mr Shorten can’t be trusted.